LCC Projects Limited

1. IPO Snapshot

2. IPO Details

3. Issue Reservation

4. IPO Lot Size

5. About the Company

LCC Projects Limited is an engineering, procurement and construction (EPC) company from Gujarat focused primarily on irrigation and water supply projects. The RHP states that, over more than two decades including projects undertaken through the predecessor partnership firm, the business has executed dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes and other EPC projects. It has also executed a metro rail construction project and is executing a mining development and operations project.

As of March 31, 2026, the order book comprised 103 projects. The three largest projects by project value were Sondwa Lift Micro Irrigation Project (₹15,349.52 million), Sidhi Bansagar Multi-Village Scheme (₹15,251.44 million) and Gandhi Sagar 1 Multi-Village Scheme (₹11,539.00 million.

The Company has established a manufacturing unit at Jaspur, Gujarat for precast concrete solutions for infrastructure and construction applications. The RHP describes pre-casting as production of structural and non-structural elements in a controlled environment before transportation and installation at project sites.

Revenue is overwhelmingly derived from EPC activities. In Fiscal 2026, EPC revenue was ₹35,945.69 million, or 99.84% of revenue from operations, while O&M revenue was ₹56.84 million, or 0.16%. The corresponding EPC shares were 99.73% in Fiscal 2025 and 99.89% in Fiscal 2024.

The RHP states that the Company expanded from eight states in Fiscal 2026 to operations across 12 states by March 31, 2026: Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh and Haryana.

The RHP identifies its stated strengths as a multidisciplinary EPC capability, a strong order book and diversified project portfolio, in-house project designing capabilities, risk management/project selection/dispute resolution processes, an efficient business model, and an experienced management team. These are management’s stated qualitative factors in the RHP and are not an independent assessment.

6. Restated Financial Information

7. Key Performance Indicators

8. IPO Valuation

10. Peer Comparison

11. Key Risk Factors

• Business / Working Capital: Customer receivables may not be collected on time or at all, and the business is working-capital intensive. Delayed collections could affect cash flows, financial condition and operations.
• Financial / Leverage: The Company states that its indebtedness and leverage are significantly higher than those of listed peers. Higher debt may increase financial risk and reduce operational flexibility.
• Customer Concentration: The top 10 customers contributed 72.30% of revenue from operations in FY2026. Losing or reducing business from major customers could affect revenue.
• Legal / Regulatory: Outstanding legal proceedings involve the Company, subsidiaries, promoters and directors. Adverse outcomes could affect business, financial condition and results.
• Industry / Project Concentration: The business is primarily focused on irrigation and water supply projects, with concentration in specific project types and contracts. Changes in sector conditions or contract concentration may affect results.
• Geographic: Operations are concentrated in Gujarat and Madhya Pradesh, although the Company operates across 12 states as of March 31, 2026. Localized events could affect operations and project execution.
• Human Resources: Employee attrition was 23.94% in FY2026. Difficulty in retaining skilled professionals may affect project execution and future performance.
• Compliance: The Company is subject to anti-bribery, anti-corruption and sanctions laws and regulations. Non-compliance could result in legal, financial or reputational consequences.
• Tender / Order Acquisition: The business depends significantly on successfully bidding for and acquiring projects. Lower tender success or unfavorable bidding outcomes could affect order inflow.
• Cost / Contract Execution: Actual project costs may differ from bid assumptions, while material price changes may affect project economics. Incremental costs may not always be fully recoverable.
• Government Programme Concentration: A significant portion of the order book comes from Jal Jeevan Mission projects. Policy or programme changes may affect order flow and execution.
• Sub-contractors: Certain project activities rely on sub-contractors. Performance issues or delays could affect project execution and customer relationships.
• Offer / Valuation: The RHP states that the Offer Price is at a significant premium to the listed peer group P/E ratio. The final P/E figures are not populated in the attached RHP.
• Bank Guarantees: Certain customers require bank guarantees. Invocation or increased guarantee requirements could affect cash flows and financial condition.
• Project Delays: Delays in ongoing projects may result in termination, penalties, additional costs or loss of early-completion benefits, affecting revenue, profitability and cash flows.
• New Precast Business: The Company has recently established manufacturing units to enter the precast concrete business. The RHP identifies challenges related to managing the new manufacturing process and sourcing/operations.

12. Litigation & Contingent Liabilities

13. Registrar

14. Lead Manager(s)

15. Company Contact Details